Filing for protection: Shoppers enter and leave the JC Penney store in North Riverside, Illinois. The US department store chain has filed for brankrupty proceedings in a US federal court. — Reuters
NEW YORK: JC Penney Co Inc filed for bankruptcy protection on Friday with plans to permanently close some stores and also explore a possible sale, making it the latest brick-and-mortar retailer to crumble as prolonged store closures in response to the Covid-19 pandemic drive a final stake through long-troubled businesses.
The US department store chain, known for selling family apparel, cosmetics and jewellery at roughly 850 locations, said it reached an agreement with existing lenders for US$900mil of debtor-in-possession financing to aid operations while it navigates bankruptcy proceedings in federal court in Corpus Christi, Texas.
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